This figure is extremely volatile month-to-month as large projects tend to skew the figures, however the trend is unambiguously weak.

On a yearly basis, apartment approvals tanked by an even worse 53.9 per cent.

The more stable detached housing segment was also weak, with approvals falling 2.6 per cent over the month and 6.4 per cent since late-2017.

"The pull-back in approvals from historic highs is against the backdrop of softer demand, notably from investors (domestic and international), additional supply coming onto the market, and tighter lending conditions," according to Westpac's economics team.

"High rise developments, which have been a key driver of this cycle, are correcting lower with further falls ahead as suggested by weaker site purchases by property developers."

"The cooling of the housing market will weigh on the economic outlook for 2019, including a likely trend decline in new home building activity."

Despite that, the total value of buildings approved for construction lifted 1.5 per cent in November — primarily due to a strong rise in commercial building values (+11.1pc), even as residential building values retreated (-3.9pc).

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